Bitcoin bullish against SEC rejection: Wallstreet’s crypto king Bart Smith
The rejection from SEC and a crypto market backlash have not affected the market sentiments of Wallstreet’s crypto king, Bart Smith. Smith, the head of Digital Assets, Susquehanna said the Bitcoin market is bullish and a negative breakout can happen only if the prices reach $6800 level. “The technicians I talked to are concerned about $6800, that’s the level where I think if it breaks through it would be negative,” said Smith.
He said that the rejection of the ETF proposal will not have a drastic effect on the prices. The prices which were initially trading at $6800 rose above $8000 after the Bitcoin ETF hype. The rejection caused a plunge in prices to $7500 level. According to Smith, if the current level holds the prices have chances of bouncing higher from $7500.
Smith opined that if a big insurance firm or an institution like CalPERS decides to invest in Bitcoin, it can grab the interest of potential investors. He said that “ Every institution is looking on the dance floor and no one is dancing and nobody wants to be the first person out there.” He thinks that if big institutions invest in Bitcoin it will lead to a hike in the volume as well as solve some of the liquidity problems.
The Wallstreet’s king of crypto is very optimistic about Bitcoin. His opinions reflect that investments in Bitcoin is worthwhile and people are being attracted by new opportunities in the market and he is also confident about the continuous institutional adoption of Bitcoin. He also stressed smart regulations and regulatory clarity were the need of the hour for prospering investments in the cryptoverse.
While Smith proclaims a bullish market BTC is currently dipping against USD by 1.29% and is trading at $7505. The MACD exhibits a bearish trend and the 100 EMA line exhibits a downtrend. The prices are struggling to reach the $7500 mark but are facing increasing seller pressure.
Image via CNBC
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